By Gary Bauer
What incredible timing! The unemployment rate has fallen to its lowest level in four years -- 7.8%. Apparently what hundreds of billions of stimulus dollars could not accomplish, a fast-approaching Election Day has accomplished.
It was interesting to see the reactions of two very different but wise men. Rick Santelli, who launched the Tea Party with his famous rant, reminded everybody that he had been predicting for months that there would be a miraculous adjustment just in time for the election. "I told you they'd get it under 8%. They did," Santelli said on CNBC this morning.
The other reaction came from Jack Welch, the legendary former chairman of General Electric and very much an establishment man. Welch tweeted, "Unbelievable job numbers… these Chicago guys will do anything… can't debate so change the numbers."
It's not just Santelli and Welch. Financial reporters were also having a hard time with the figures. One news column noted, "The Bureau of Labor Statistics' nonfarm payrolls report presented a slew of contradictory data points." That's an understatement!
So just how many jobs were created last month? Just 114,000. That exceeded economists' expectations by a mere 1,000. They had also expected the unemployment rate to increase to 8.2%. So, somehow, the jobs figure barely exceeds expectations yet the unemployment rate falls dramatically. Governor Romney reminded us this morning that the real unemployment rate is closer to 11%.
Expect more of this, my friends. Soon we will find out that Michelle Obama's healthy meals initiative has raised life expectancy to 105 and Obama's education initiatives have increased the literacy rate to 99%.
What incredible timing! The unemployment rate has fallen to its lowest level in four years -- 7.8%. Apparently what hundreds of billions of stimulus dollars could not accomplish, a fast-approaching Election Day has accomplished.
It was interesting to see the reactions of two very different but wise men. Rick Santelli, who launched the Tea Party with his famous rant, reminded everybody that he had been predicting for months that there would be a miraculous adjustment just in time for the election. "I told you they'd get it under 8%. They did," Santelli said on CNBC this morning.
The other reaction came from Jack Welch, the legendary former chairman of General Electric and very much an establishment man. Welch tweeted, "Unbelievable job numbers… these Chicago guys will do anything… can't debate so change the numbers."
It's not just Santelli and Welch. Financial reporters were also having a hard time with the figures. One news column noted, "The Bureau of Labor Statistics' nonfarm payrolls report presented a slew of contradictory data points." That's an understatement!
So just how many jobs were created last month? Just 114,000. That exceeded economists' expectations by a mere 1,000. They had also expected the unemployment rate to increase to 8.2%. So, somehow, the jobs figure barely exceeds expectations yet the unemployment rate falls dramatically. Governor Romney reminded us this morning that the real unemployment rate is closer to 11%.
Expect more of this, my friends. Soon we will find out that Michelle Obama's healthy meals initiative has raised life expectancy to 105 and Obama's education initiatives have increased the literacy rate to 99%.
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